Be aware of these points before filing an Income Tax Return

The deadline for filing an income tax return (ITR) is December 31, 2021. To prevent a last-minute rush, those taxpayers who have not yet filed their Income Tax Returns for Assessment Year (AY) 2021-2022 must do so as soon as possible. When submitting an ITR, taxpayers must be aware of the information provided by the IRS.

From April 1, 2021 to December 13, 2021, the Central Board of Direct Taxes (CBDT) provided refunds of over Rs. 1,36,779 crore to over 1.27 lakh taxpayers. In 1,25,34,644 cases, income tax refunds totaling Rs 46,438 crore were issued, while corporate tax refunds totaling Rs 90,340 crore were awarded in 2,02,705 cases. Income Tax India stated that this comprises 90.95 lakh refunds of Rs 18, 848.60 crore for the fiscal year 2021-22.

The Income Tax Department has strongly advised all taxpayers to see their Form 26AS and Annual Information Statement (AIS) through the e-filing site http://incometax.gov.in to verify the accuracy of TDS and Tax Payments and to take advantage of ITR pre-filling.

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It is important for taxpayers to cross check the data in the AIS statement with their bank passbook, interest certificate, Form 16, and capital gains statement from brokerages in case of purchase and sale of equity or mutual funds.

There will be no ITR for certain senior citizens.

A new section 194P has been inserted into the Income Tax Act, 1961, by the Finance Act, 2021, to provide that senior citizens over the age of 75 who only have pension income and interest income from the account(s) maintained with the bank in which they receive such pension do not need to file an ITR, according to Income Tax India.

Relief Measures for Covid-19

The amount received by a taxpayer for medical treatment from an employer or from any person for Covid-19 treatment throughout the financial year and following years will be exempt from income tax. India’s Income Tax Department sent out a tweet.

Income Tax Return: The Government Provides Significant Clarification Regarding the ITR Process

  • You can rest easier if you file your ITR as soon as possible. Income Tax India tweeted, “Filed Income Tax Return for AY 2021-22, e-verified it, returns got processed, and refund credited to the bank.”
  • “Dear taxpaying public! Income Tax India tweeted, “Here’s what you need to remember before filing your return this weekend.”
  • ITR1 is required for those having a wage and interest income, as well as income from a single dwelling property.
  • ITR2 is required for those with income from more than one dwelling property or capital gains.
  • “Filing your tax return has never been easier because we’ve prefilled part of your information!” India’s Income Tax Department sent out a tweet.
  • Form 16, bank statement, interest certificate from bank, housing loan interest statement, if any, rental receipts and house property tax, if any, capital gains statement from broker, if any, 26AS and Annual Information Statement are among the documents required (AIS).

The helplines for the Income Tax Department are 1800 103 0025 and 1800 419 0025, respectively.